Combining another fib approach with this:
- #9,782
- Mar 1, 2018 6:24am Mar 1, 2018 6:24am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
{quote} nice to see you holding those winning trades a bit longer Matomi..
.But as I wrote before couple times - huge gains are not point of this game, consistency is the 1st in my trading. Not every day is the best idea 10 pips target and not every day is the best idea let trades run for bigger profits. This is what market dictates you only real-time. Of course, always is better to dig from market as much as you can, but I am still not able to that on a daily base, and I don't need it neither. I have abnormally strong headache everytime I am concetrated on the platform more than 3-4 hours. It's just tiresome, exhaustive. If I should share in this thread my honest advice how to save couple years (or at least months) of finding how to become milionare from the evening to the morning - put 500€ into your Real account, set 2 lots (it is 2€/pip at Pepperstone broker, leverage 1:200) and start making 10 pips a day. Every 100€ or 200€ more, add 1 lot. This is how you are going to become milionare within maybe 1 year ? I don't know, maybe it is a bit longer, I have never calculated it. Only thing you need is consistency, which means keep your SL tight and don't break a rules. Advantages ? You are still young, you have money, you have much more time for your girlfriend/wife/childrens, and most likely you're still not retarded from watching some candlesticks all day. Sorry for expressivity.. but yeah, it is true. Doing a huge gain trades is nice, exciting, but it takes uncomparable more investments from trader just like money, and it is the last thing you need to make money at all. Solution is when you do it like Dee on his last screen, find entry/wait for SL to BE/leave your platform, sometimes I do it as well if I have to leave laptop, but that is not active managing positions, which is one of the basic rules if you are about to be success in trading. Even he is not doing it purposely, and if, he has always SL on BE if you look on his older screens, too. Maybe I will start here on FF someday an account to trade 10 pips daily strictly, I am curious how long it will take to make from 500€ to 1 milion €.
Just think about this guys.. have a nice weekend.
- #9,788
- Edited 5:31am Mar 3, 2018 4:55am | Edited 5:31am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #9,790
- Mar 3, 2018 7:45am Mar 3, 2018 7:45am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
{quote} Pepperstone uk have reduced the lot sizes available down to 0.01, I came across it only by chance because there was no formal announcement, I suspect that they have done this as a counter measure to the FCA planning on decreasing leverage on CFDs. I agree with your reasoning, 10 pips a day trading is indeed possible, however, it requires discipline and patience you need to wait for that perfect trade and get an optimum entry, sustaining that level of self control even for a short period of time can be difficult and once you start trading...
I didn't know about that change, sorry for misunderstanding. No words to add, you wrote it exactly. I found even extremely dangerous have a longer winning period without losses if you're not mentaly 100 percent okay in trading. I passed through it couple times before, I did 300% of account in 2 weeks and first day of 3rd week I did one trade with which I blew up my account, just because I thought "those losing times are past". And it wasn't as bad as it happened to me when I held my account in constant grow for 2 months and after that I blew it up, that is really strong mental pain, because I realized how much time I lost, I didn't care about money. I can refund my account anytime, but I can't turn back time. Usually after that I had another 1 or 2 months break-off trading. So after all these experiences I told myself, I am looking just for way which take me only so much time as it is necessary for make some daily profit, and it works, so far. For the reason you wrote I switched in my platform terminal € value to pips, because it could be really stressful see how much you are losing at the moment, as well as how much you're winning.
- #9,795
- Mar 5, 2018 4:02am Mar 5, 2018 4:02am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
{quote} Hi Matomi, After a very long time I came across this thread, I have already published a excel sheet pertaining to compounding the money through forex, the link is here. I have been following the same but after a while I got stuck with personal issues, so now I am intended to follow the same. The link is here https://www.forexfactory.com/showthr...72#post8021572 You can change the oil value and you can get the total amount of money that can be accumulated over a period of time albeit with restriction of Lotsize depending...
sorry I gave you no credit for that. I admit i was lazy and rather than look through the attachments section I still had this version which I had modified for my own purposes on my hard drive so I just posted that with out referencing your contribution. My bad.
Cut your Losers short and let your Winners run.
- #9,796
- Mar 5, 2018 4:22am Mar 5, 2018 4:22am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #9,797
- Mar 5, 2018 4:48am Mar 5, 2018 4:48am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
{quote} Thanks for the link. I read through it. It is interesting, though, that it recommends only entering on a break of the high/low of up to three candles after the 2 point. It seems like there are several 123 patterns where the distance between point 2 and 3 are more than 3 candles long and the trade turns out to be successful. Do you follow the strict adherence to the 3 candle maximum rule or do you view this more as a guideline of just looking for a break of the high of a retracement candle?
{quote} Hi Matomi, After a very long time I came across this thread, I have already published a excel sheet pertaining to compounding the money through forex, the link is here. I have been following the same but after a while I got stuck with personal issues, so now I am intended to follow the same. The link is here https://www.forexfactory.com/showthr...72#post8021572 You can change the oil value and you can get the total amount of money that can be accumulated over a period of time albeit with restriction of Lotsize depending...
Not going to decide for you, but if I were you I would definitely trade 10 pips daily (or target you're able to reach every day)